JUNE 2019 HALF-YEAR RESULTS SUMMARYAUGUST 2019

MINERAL COMMODITIES LTD

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Caution StatementsThis document has been prepared by Mineral Commodities Ltd (MRC or theCompany) and comprises written materials / slides for a presentation concerningMRC. This is not a prospectus, disclosure document or offering document.This document is for information purposes only and does not constitute or form part ofany offer or invitation to acquire, sell or otherwise dispose of, or issue, or anysolicitation of any offer to sell or otherwise dispose of, purchase or subscribe for, anysecurities, nor does it constitute investment advice, nor shall it or any part of it nor thefact of its distribution form the basis of, or be relied on in connection with, any contractor investment decision.Certain statements in this presentation are forward looking statements. You canidentify these statements by the fact that they use words such as “anticipate”,“estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “target”, “may”, “assume” andwords of similar import. These forward looking statements speak only as at the date ofthis presentation. These statements are based on current expectations and beliefsand, by their nature, are subject to a number of known and unknown risks anduncertainties that could cause the actual results, performances and achievements todiffer materially from any expected future results, performance or achievementsexpressed or implied by such forward looking statements. No representation, warrantyor assurance (express or implied) is given or made by MRC that the forward lookingstatements contained in this presentation are accurate, complete, reliable or adequateor that they will be achieved or prove to be correct. Except for any statutory liabilitywhich cannot be excluded, each of MRC, its related companies and the respectivedirectors, officers, employees and advisers expressly disclaim any responsibility forthe accuracy or completeness of the forward looking statements and exclude allliability whatsoever (including negligence) for any direct or indirect loss or damagewhich may be suffered by any person as a consequence of any information in thispresentation or any error or omission arrising there from.Subject to any continuing obligation under applicable laws or any relevant listingrules of the ASX, MRC disclaims any obligation or undertaking to disseminate anyupdates or revisions to any forward looking statements in these materials to reflect anychange in expectations in relation to any forward looking statements or any changein events, conditions or circumstances on which any statement is based.

Nothing in these materials shall under any circumstances create an implicationthat there has been no change in the affairs of MRC since the date of thispresentation. The information, if any, in this presentation which relates toExploration Results, Mineral Resources or Ore Reserves for Tormin is based oninformation compiled by Dr Joseph A.P. Drake-Brockman, who is a Member ofthe AusIMM and is an independent consultant to the Company. Dr Drake-Brockman is an employee of Drake-Brockman Geoinfo Pty Limited and has over36 years’ of exploration and mining experience in a variety of mineral depositsand styles. Dr Drake-Brockman has sufficient experience which is relevant to thestyle of mineralisation and type of deposit under consideration and to the activitywhich he is undertaking to qualify as a Competent Person as defined in theJORC Code (2012). The information from Dr Drake-Brockman was preparedunder the JORC Code (2012). Dr Drake-Brockman consents to inclusion in thepresentation of the matters based on this information in the form and context inwhich it appears.The information, if any, in this presentation which relates to Mineral Resourcesfor Munglinup is based on information compiled by Mr Adriaan du Toit who is amember of the AusIMM and an independent consultant to Gold Terrace Pty Ltd.Mr du Toit is the Director and Principal Geologist of AEMCO Pty Ltd and hasover 27 years’ of exploration and mining experience in a variety of mineraldeposits and styles. Mr du Toit has sufficient experience which is relevant to thestyle of mineralisation and type of deposit under consideration and to the activityhe is undertaking to qualify as a Competent Person as defined by the JORCCode (2012). The information from Mr du Toit was prepared under the JORCCode (2012). Mr du Toit consents to inclusion in the presentation of the mattersbased on this information in the form and context in which it appears.The information, if any, in this presentation which relates to the Ore Reserve forMunglinup is based on information compiled by Mr Daniel Hastings, who is aMember of the AusIMM. Mr Hastings is an employee of Hastings Bell Pty Ltd anda consultant to the Company. Mr Hastings has sufficient experience relevant tothe type of deposit under consideration to qualify as a Competent Person asdefined by the JORC Code (2012). Mr Hastings consents to the inclusion in thepresentation of the matters based on the reviewed information in the form andcontext in which it appears.

The information, if any, in this presentation that relates to metallurgy, theprocess plant and infrastructure design for Munglinup is based oninformation compiled and reviewed by Mr David Pass, who is a Memberof the AusIMM. Mr Pass is an employee of Battery Limits Pty Ltd. Mr Passhas sufficient experience relevant to process plant and infrastructuredesign thereof to qualify as a Competent Person as defined by the JORCCode (2012). Mr Pass consents to the inclusion in the presentation of thematters based on the reviewed information in the form and context inwhich it appears.

The information, if any, in this presentation which relates to ExplorationResults, Mineral Resources or Ore Reserves for Xolobeni is based oninformation compiled by Mr Allen Maynard, who is a Member of theAustralian Institute of Geosciences (“AIG”), a Corporate Member of theAustralasian Institute of Mining & Metallurgy (“AusIMM”) and independentconsultant to the Company. Mr Maynard is the Director and PrincipalGeologist of Al Maynard & Associates Pty Ltd and has over 38 years’ ofexploration and mining experience in a variety of mineral deposit styles.Mr Maynard has sufficient experience which is relevant to the style ofmineralisation and type of deposit under consideration and to the activitywhich he is undertaking to qualify as a Competent Person as defined inthe 2004 Edition of the Australasian Code for reporting of ExplorationResults, Exploration Targets, Mineral Resources and Ore Reserves(“JORC Code (2004)”). This information was prepared and first disclosedunder the JORC Code (2004). It has not been updated since to complywith the 2012 Edition of the Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves (“JORC Code(2012)”) on the basis that the information has not materially changedsince it was last reported. Mr Maynard consents to inclusion in thepresentation of the matters based on this information in the form andcontext in which it appears.

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MINERAL COMMODITIES GLOBAL OVERVIEW

TorminMineral Sands Production - 2.4Mtpa Processing facility producing :Garnet,Ilmeniteand Zircon

MunglinupGraphite Development - Mineral Resource of 3.6Mt at 15.3% TGC (10% cut-off) with mineralisation open in all directions

Skaland

PerthCorporate Headquarters

Flake Graphite Production – 10ktpa Flake Graphite grading ~ 28% Carbon

XolobeniMineral Sands development -JORC Compliant Resource 346MT @ 5% THM

IranExplorationAssessing opportunity in highly prospective mineral province. – Under Review

North Western AustraliaExplorationPrecious, Base, Industrial and Battery mineral exploration.

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4Presented By: 4

HIGHLIGHTS H1 JUNE 19 The Tormin Mineral Sands Operation continued to generate positive cash flows

REVENUE UP 6.7%

INTERIM DIVIDEND

CASH POSITION UP 55%

EBITDA UP 125%

NPAT UP 507%

CASH FROM OPERATIONSUP 83%

US$30.4 million

0.6 cents

US$15.8 million

0

US$10.9 million

US$7.0 million

US$10 million

218,368 tonnes

LOST TIME INJURIES SINCE APRIL 2017

FINAL CONCENTRATE GROSS SALESF

or p

erso

nal u

se o

nly

55

27.5 28.0 28.5 29.0 29.5 30.0 30.5 31.0

to 30 Jun 18

to 30 Jun 19

US $M

HALF YEAR FINANCIAL RESULTS MRC’s Tormin Mineral Sands Operation continued to generate positive cash flows

US$30.4• Increased revenue in the current half-year reflects timing of an

additional ilmenite shipment this half-year in comparison to theprior half-year, partially offset by lower non-magnetic sales due todeclining beach grade

• Significantly improved EBITDA for the 2019 half-year resulted from lower production cash costs, foreign exchange gains from the weakening South African rand and prudent treasury management of the volatile currency fluctuations and lower corporate administration costs.

HY 2018 FY 2019

HALF YEAR REVENUE UP 6.7%

EBITDA UP 125%

US$28.5

0.0 2.0 4.0 6.0 8.0 10.0 12.0

to 30 Jun 18

to 30 Jun 19

US $M

US$10.9

US$4.8

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HALF YEAR FINANCIAL RESULTSMRC’s Tormin Mineral Sands Operation continued to generate positive cash flows

0 5 10 15 20

to 30 Jun 18

to 30 Jun 19

US $M

• Material foreign exchange gain from the weakening South Africanrand and prudent treasury management contributed to significantprofit increase for the period.

• Production cash costs reflect engineered savings through capitalreplacement of hired and aging fleet.

• Lower corporate costs from reduced head office personnel, traveland consultancy expenditure.

• Increased from $10.2m as at 30 June 2018 and $12.4m as at 31December 2018. The improved cash position reflects improvedprofitability and cost reduction measures.

HY 2018 FY 2019

NPAT UP 507%

CASH POSITION UP 55%

0.0 2.0 4.0 6.0 8.0

to 30 Jun 18

to 30 Jun 19

US $M

US$7.0

US$10.2

US$15.8

US$1.2

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HALF YEAR FINANCIAL RESULTSMRC’s Tormin Mineral Sands Operation continued to generate positive cash flows

• Unit revenue per tonne in the current half-year reflects thereduction in the proportion of non-magnetic concentrate sales,partially offset by improved ilmenite pricing.

• Unit costs of goods sold per tonne improved on prior period due tosignificant increase in final concentrate sales during the currenthalf-year.

• Unit production cash costs were impacted by the change in minedtonnes and grades, partially offset by lower production costs.

• Improved revenue to cost of goods sold ratio for the half-year incomparison to the prior period reflects lower unit costs in 2019,partially offset by lower unit revenue.

HY 2018 FY 2019

UNIT COSTS & REVENUES

REVENUE TO COST OF GOODS SOLD RATIO

1.2 1.3 1.4 1.5 1.6

Revenue to Cost of Goods Sold

Ratio

0 50 100 150 200

Unit production cash costs per tonne ofnet final concentrate produced ($/dmt)

Unit cost of goods sold per tonne of finalconcentrate sold ($/wmt) (1)

Unit revenue per tonne of finalconcentrate sold ($/wmt)

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TORMINMINERAL SANDS OPERATION

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Lost Time Injury in April 2017, for in excess of

Since commencement of operations at the Tormin site in late 2013, MRC

has incurred

2.9 million

1

hours worked

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COMMITMENT TO COMMUNITY

ZAR3.2 million Spent on Historically Disadvantaged South Africans (HDSA) Social Labour Plan, including bursaries, scholarships, traineeships, apprenticeships, adult basic education programs, community-based enterprise and infrastructure support development, and the sponsoring of full-time teachers at local schools.

The Company is committed to an internal and external refurbishment and fit-out of the Nuwerus High School Hostels, The fit-out includes roof repairs, external doors and windows replacement, new flooring, kitchen and plumbing repairs and new bedroom cupboards. The total value committed to this project is ZAR2.1 million, with ZAR1.2 million already spent as at 30 June 2019.

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The Company continued its strong operating performance during the first half of 2019.Mining and processing operations at the Tormin Mineral Sands mine were optimised tomanage the current run of mine Total Heavy Mineral beach grade and replenishmentcycle. Mining and processing production has been scheduled to an annualised rate of2 Million Tonnes Per Annum, whilst the Company awaits the outcome of the Section102 Mining Right Extension application and Appeal process.

HIGH GRADE PLACER BEACH

DEPOSIT

INFERRED RESOURCE 2.26MT @14.1% THM1

2.4M TPA PROCESSING FACILITY

TORMIN OPERATIONS

296%More than

original reported

Resource

1- MRC Annual Tormin Resource Update - 01/03/2019

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PRODUCTION & SALESProduction and Sales Performance June H1 2019

MINING PRODUCTION TONNES

GARNET / ILMENITE GRADE ZIRCON / RUTILE/ LEUCOX. GRADE

HY 2018 HY 2019(1) Dry Metric Tonnes(2) Wet Metric Tonnes

CONCENTRATE TONNES SOLD (2)TONNES MINED / PROCESSED

130,

009

67,5

63

9,81

4

95,2

26

29,2

56

5,46

8

020,00040,00060,00080,000

100,000120,000140,000

Garnetconcentrate (net)

Ilmeniteconcentrate (net)

Zircon/Rutileconcentrate

CONCENTRATE TONNES PRODUCED (1)

81,3

30

55,0

00

10,6

60106,

576

108,

385

6,07

6

0

20,000

40,000

60,000

80,000

100,000

120,000

Garnet Ilmenite Zircon/Rutile

1,20

6,30

2

1,06

2,69

7

483,

667

1,34

4,41

4

1,27

0,31

2

323,

670

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

MiningProduction

PBC Tonnes SCP/GSPTonnes

12.6

8%

3.07

%

7.35

% 1.76

%

0%

2%

4%

6%

8%

10%

12%

14%

Garnet Ilmenite

0.57

%

0.39

%

0.38

%

0.39

%

0.24

%

1.84

%

0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%1.8%2.0%

Zircon Rutile Leucoxene

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FOCUS FOR FUTURE SUCCESSSignificant positive catalysts ahead

• Implement Business Strategy to create multi-commodity/jurisdiction based diversified mining company of high grade deposits

• Optimise debt equity funding options to maintain appropriate gearing ratios and risk profile for respective project developments

• Continuation of shareholder growth and returns through stringent capital management and project delivery

TORMIN• Secure permitting to extend

Tormin target LOM +10y through additional resource definition

• Implement Phase 1/ Phase 2 expansion initiatives.

MUNGLINUP• Finalise DFS

• Complete marketing agreements

• Secure permitting

• Finalise integrated downstream development

• Complete transaction

• Optimise processing flowsheet

• Increase nameplate production

• Develop downstream strategy

SKALAND

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